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60% Chinese property developers fail to meet sales targets

Jan. 17, 2012 (China Knowledge) - About 60% of 20 listed Chinese property developers, which have released fiscal results for 2011, failed to meet their sales targets, according to Centaline Property Agency Ltd, one of the largest property agencies in Hong Kong.

Last year, the 20 Chinese companies reaped RMB 701.72 billion in total sales, reflecting a year-on-year increase of 15% but a decline of 5.7% from their sales targets.

Greentown China Holdings Ltd<3900>, one of the 20 firms, earned RMB 35.3 billion in sales revenue last year, reflecting a year-on-year drop of 37.9% or a plunge of 35.8% from sales target of RMB 55 billion.

Sales revenue of Greenland Group, Agile Property Holdings Ltd<3383> and Shimao Property Holdings Ltd<0813> was RMB 30.92 billion, RMB 31.52 billion and RMB 30.7 billion in 2011, representing a decrease of 22.7%, 14.8% and 14.7%, respectively, compared with their annual targets.

State-owned real estate giant Poly Real Estate Group Co Ltd<600048> also failed to meet 2011 sales target of RMB 80 billion with sales revenue reaching RMB 73.24 billion in the previous year, down 8.5%.

Another state-owned leading property firm China Vanke Co Ltd<000002><200002> saw their sales revenue for 2011 reach RMB 121.54 billion, up 12.4% from 2010 but down 13.2% from its sales target of RMB 140 billion, sources reported.

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